Colli Real Estate

Debt collectors trying to collect on a foreclosed mortgage, can they do that?

I just had a foreclosure go through on a rental property I owned. I had an 80/20 mortgage I started getting calls from a company called LTD Financial Group, or Lincoln Financial Services, representing a company that I had never heard of. The rep started telling me that he was trying to collect for the second mortgage on the property, which was about $20,000. His first offer right off the bat was that I could settle for 50%. I told him that I would need 30 days to weigh my options and get some counseling on this. He of course assured me that the conditions of my contract obligated me to pay the debt, yet he was willing to settle so quickly. He has since been calling at least once a day and leaving messages, his latest saying that he would be investigating my other holdings and assets. I called the lender (suntrust) and they said I owed them nothing, and that they dont use debt collectors. I want to make sure that this company cant levy my wages or anything else. What do I do?

You owe the money, there is no forgiveness with business transactions. You at least know that part is legit.

I am willing to bet they brokered the debt to another company, as they themselves do not like to do collections.

Lincoln should be able to give you a trail of how they acquired your debt, but debt is very commonly sold.

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